O2

Mobile operators expressed their disappointment after regulator Ofcom pushed through a five-fold increase in the fees for existing phone spectrum bands yesterday in a move that will net the Treasury a windfall of almost £250m a year.

Cable & Wireless is prepared to go to court to fight a pounds 2.5m compensation claim from Lord Young of Graffham, who was de-throned as chairman of the company two weeks ago. The company is taking a tough line, saying that as Lord Young had no formal contract with the company his claims have no foundation.

Barclaycard is offering its customers a 10 per cent discount on holidays booked before 28 February through its Holiday Club, a credit card 'loyalty' scheme. The departure date must be between 1 May and 31 October this year.

THE AT&T TeleTicket phonecard, which can now be bought at British travel agencies and Keith Prowse outlets (071-937 2777), is a pre-paid card useable from any push-button phone in the United States. Unlike European phonecards, the AT&T card does not have to be inserted into a phone with a special slot. Calls are made by dialling a toll-free access number and punching in the numbers on the card.

Lord Young of Grafham, chairman of Cable and Wireless, arriving yesterday for its annual meeting. He said core businesses were growing strongly, including its Mercury unit, which is adding 1,500 customers a day. But shareholders were outraged at his 77 per cent pay rise.

The new track authority, Railtrack, will be headed by Bob Horton, a former chairman and chief executive of BP. Mr Horton, 53, was appointed vice-chairman of BR in December much to the annoyance of its chairman Sir Bob Reid. He has a reputation as a hard-nosed operator who resigned from BR following a boardroom coup.

SHARES IN Forth Ports, which was privatised in March at 110p a share, closed up 9p at 176p yesterday after its first set of interim results showed operating profits of pounds 5m, up 5 per cent, writes Topaz Amoore.